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Indegene Q2 FY27 results: net profit up 10.0% to ₹112.30 crore, revenue up 39.6%
Indegene Limited reported consolidated Q2 FY27 revenue of ₹1,122 crore, up 39.6% from Q2 FY26, while EBITDA rose to ₹185.70 crore despite a lower 16.5% margin. Net profit was ₹112.30 crore and basic EPS was ₹4.67; against Q1 FY27, revenue and EBITDA increased, but profit and EPS fell.
Key points
- Consolidated revenue was ₹1,122 crore in Q2 FY27, up 39.6% from Q2 FY26 and 5.6% from Q1 FY27.
- EBITDA was ₹185.70 crore, up 32.1% year on year and 6.6% sequentially, with margin at 16.5%.
- Net profit was ₹112.30 crore, up 10.0% from Q2 FY26 but down 3.4% from Q1 FY27; basic EPS was ₹4.67.
- H1 FY27 revenue was ₹2,185.4 crore, up 39.6%, while PAT was ₹228.5 crore, up 4.6%.
- Total assets were ₹4,693.3 crore at 30 September 2026, with total equity of ₹3,358.4 crore and borrowings of ₹0 crore.
How did Indegene perform in Q2 FY27?
Indegene reported consolidated revenue of ₹1,122 crore for Q2 FY27, up 39.6% from ₹804.20 crore in Q2 FY26 and 5.6% from ₹1,063 crore in Q1 FY27. EBITDA was ₹185.70 crore, compared with ₹140.60 crore a year earlier and ₹174.20 crore in the previous quarter. The EBITDA margin was 16.5%, down 1.0 percentage point year on year but up 0.1 percentage point sequentially. Profit before tax was ₹147.40 crore, up 10.7% from ₹133.10 crore a year earlier but down 3.5% from ₹152.70 crore in Q1 FY27. After tax of ₹35.10 crore, net profit was ₹112.30 crore, up 10.0% from ₹102.10 crore in Q2 FY26 and down 3.4% from ₹116.20 crore in the previous quarter. Basic EPS was ₹4.67, compared with ₹4.26 a year earlier and ₹4.84 in Q1 FY27. On a standalone basis, revenue was ₹368.5 crore, profit before tax was ₹59.9 crore and profit after tax was ₹58.2 crore. The figures in the quarterly comparison above are consolidated.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,122 | 1,063 | 804.20 | +39.6% | +5.6% |
| Other income | 15 | 29 | 19.70 | −23.9% | −48.3% |
| Total expenses | 989.90 | 939.40 | 690.80 | +43.3% | +5.4% |
| EBITDA | 185.70 | 174.20 | 140.60 | +32.1% | +6.6% |
| EBITDA margin | 16.5% | 16.4% | 17.5% | −1.0 pp | +0.1 pp |
| Profit before tax | 147.40 | 152.70 | 133.10 | +10.7% | −3.5% |
| Tax | 35.10 | 36.50 | 31 | +13.2% | −3.8% |
| Net profit | 112.30 | 116.20 | 102.10 | +10.0% | −3.4% |
| EPS (₹) | 4.67 | 4.84 | 4.26 | +9.6% | −3.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indegene's costs and profit?
Total expenses increased to ₹989.90 crore from ₹690.80 crore in Q2 FY26, a rise of ₹299.10 crore or 43.3%. Employee cost was ₹681.70 crore, up ₹165.90 crore or 32.2%, while other expenses were ₹254.90 crore, up ₹107.10 crore or 72.5%. Depreciation was ₹46.40 crore, up ₹23 crore or 98.3%, and finance costs were ₹6.90 crore, up ₹3.10 crore or 81.6%. Other income fell to ₹15 crore from ₹19.70 crore a year earlier, a decline of ₹4.70 crore or 23.9%. Tax was ₹35.10 crore, up ₹4.10 crore or 13.2%. There was no exceptional item in either quarter. Against Q1 FY27, employee cost rose ₹22.60 crore, other expenses rose ₹25.10 crore and other income fell ₹14 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 681.70 | 515.80 | +165.90 | +32.2% |
| Finance costs | 6.90 | 3.80 | +3.10 | +81.6% |
| Depreciation | 46.40 | 23.40 | +23 | +98.3% |
| Other expenses | 254.90 | 147.80 | +107.10 | +72.5% |
| Total expenses | 989.90 | 690.80 | +299.10 | +43.3% |
| Other income | 15 | 19.70 | −4.70 | −23.9% |
| Tax | 35.10 | 31 | +4.10 | +13.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
Indegene reported H1 FY27 consolidated revenue of ₹2,185.4 crore, up ₹620.4 crore or 39.6% from ₹1,565.0 crore in H1 FY26. Total income was ₹2,229.4 crore, up 38.7%, while profit before tax was ₹300.1 crore, up 5.2% from ₹285.2 crore. PAT for the first half was ₹228.5 crore, compared with ₹218.5 crore in H1 FY26, an increase of ₹10.0 crore or 4.6%. Basic EPS was ₹9.5, up from ₹9.12. Revenue growth in the half was higher than the increase in profit, and the PAT margin was 10.0% compared with 12.7% a year earlier.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,185 | 1,565 | +39.6% |
| Profit before tax | 300.10 | 285.20 | +5.2% |
| Net profit | 228.50 | 218.50 | +4.6% |
| EPS (₹) | 9.50 | 9.12 | +4.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,693.3 crore, compared with ₹4,620.3 crore at 31 March 2026. Total equity was ₹3,358.4 crore, up from ₹3,138.7 crore. The company reported borrowings of ₹0 crore at both dates, while cash fell to ₹141.4 crore from ₹300.8 crore. Trade receivables were ₹1,145.0 crore, compared with ₹981.8 crore, and trade payables were ₹200.1 crore, compared with ₹180.7 crore. H1 FY27 operating cash flow was negative ₹13.3 crore, against positive ₹202.8 crore in H1 FY26. Investing cash flow was negative ₹62 crore, compared with positive ₹3.2 crore, while financing cash flow was negative ₹79.3 crore, compared with negative ₹63.6 crore. Capital expenditure was ₹25.1 crore, up from ₹15.7 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,693 | 4,620 |
| Total equity | 3,358 | 3,139 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 141.40 | 300.80 |
| Inventories | 0 | 0 |
| Trade receivables | 1,145 | 981.80 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −13.30 | 202.80 |
| Cash from investing | −62 | 3.20 |
| Cash from financing | −79.30 | −63.60 |
| Capital expenditure | 25.10 | 15.70 |
Source: Company's results filing (XBRL).
How has Indegene done over the last 8 quarters?
Revenue rose in each of the last seven quarters on a year-on-year basis. It increased from ₹804.20 crore in Q2 FY26 to ₹942.1 crore in Q3 FY26, ₹1,003.4 crore in Q4 FY26, ₹1,063 crore in Q1 FY27 and ₹1,122 crore in Q2 FY27. The reported sequence shows revenue at its highest in Q2 FY27 and its lowest in Q3 FY25 at ₹720.4 crore. Profit after tax reached its highest level in the sequence at ₹117.6 crore in Q4 FY25 and its lowest at ₹79.7 crore in Q4 FY26. It subsequently rose to ₹116.2 crore in Q1 FY27 before easing to ₹112.3 crore in Q2 FY27. The EBITDA margin peaked at 20.4% in Q1 FY26, fell to 16.3% in Q4 FY26 and edged up to 16.5% in Q2 FY27.
Which businesses drove the quarter?
Enterprise Medical Solutions reported revenue of ₹275.3 crore, up 22.8% from ₹224.2 crore in Q2 FY26. Segment EBIT was ₹62.6 crore, compared with ₹57.5 crore, and the EBIT margin was 22.7%. Enterprise Commercial Solutions reported revenue of ₹800.2 crore, up 64.2% from ₹487.4 crore a year earlier. EBIT was ₹130.2 crore, compared with ₹102.3 crore, while the EBIT margin was 16.3%. The Others segment recorded revenue of ₹46.8 crore, up 62.5% from ₹28.8 crore, and EBIT of ₹0.3 crore against a loss of ₹5.9 crore; its EBIT margin was 0.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Enterprise Medical Solutions | 275.30 | +22.8% | 62.60 | 22.7% |
| Enterprise Commercial Solutions | 800.20 | +64.2% | 130.20 | 16.3% |
| Others | 46.80 | +62.5% | 0.30 | 0.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, together with the auditors’ limited review report and CFO declaration. It also approved allotment under the RSU Scheme 2020 and ESOP Scheme 2020, and amended the Prevention of Sexual Harassment Policy. The board accepted the resignation of non-executive non-independent director Mark Francis Dzialga with effect from the close of business on 29 October 2026 and reconstituted the Nomination and Remuneration Committee and Investment Committee. It also accepted Company Secretary, Compliance Officer and Key Managerial Personnel Srishti Ramesh Kaushik’s resignation; she was to be relieved of her duties at the close of business on 2 December 2026. No dividend or fund raise was announced in the same-day filings.
What did Indegene's management say?
Management maintained its goal of organic revenue growth better than FY26 for FY27 and quarterly EBITDA margins of 19% plus by Q4 FY27. It expects H2 FY27 to be stronger than H1 FY27, citing productivity gains, the ramp-up of Tectonic and outcome-based deals, and higher investment yields. Management also expects easing below-EBITDA pressures and higher yields to provide an aggregate 90–95 bps positive impact on PBT in the coming quarters. The company expects a small amount of the $10 million ACV outcome-based contract to have been recognised in Q2, with a larger contribution in H2 and revenue peaking in Q4 after calendar-year outcome verification. It expects contracted Tectonic business to exceed $2 million per quarter. CFO Suhas Prabhu said, “Our outlook remains unchanged. We continue on the path to quarterly EBITDA margins of 19% plus by the fourth quarter of this year.” Management identified risks including slower Tectonic adoption at the largest client, timing variability in outcome-based milestone billing, temporarily softer largest-customer revenue, and dependence on productivity, favourable exchange rates and a Q4 contract true-up for margin recovery. BioPharm’s second earnout tranche requires calendar-2026 revenue growth above 15%, although the maximum payout is provisioned.
How did Indegene shares react?
After the filing, the stock was down 1.6% after five minutes, 1.2% after 15 minutes and 1.5% after 30 minutes. It closed the reaction day down 1.3% from the previous close of ₹592.65. By the next day’s close, it was up 4.8% from the pre-results close. The industry median was down 3.7% on the reaction day, so Indegene outperformed the sector median by 2.4 percentage points. Earlier reaction-day moves were mixed: 0.1% on 30 July 2026, 0.8% on 29 April 2026, 3.1% on 29 January 2026 and negative 2.7% on 30 October 2025. Over the same one-day period, the Nifty Microcap 250 was down 2.5% on the reaction day and 1.1% by the next day’s close.
| After the filing | Stock | Healthcare Research Analytics & Technology median |
|---|---|---|
| 5 minutes | −1.6% | |
| 15 minutes | −1.2% | |
| 30 minutes | −1.5% | |
| Reaction day | −1.3% | −3.7% |
| Next day | +4.8% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +0.1% |
| 29 April 2026 | +0.8% |
| 29 January 2026 | +3.1% |
| 30 October 2025 | −2.7% |
| 31 July 2025 | +5.1% |
| 28 April 2025 | −2.6% |
| 30 January 2025 | −0.7% |
| 28 October 2024 | −5.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indegene's revenue in Q2 FY27?
Revenue from operations was ₹1,122 crore, up 39.6% from ₹804.20 crore in Q2 FY26 (consolidated).
Did Indegene make a profit in Q2 FY27?
Yes. Net profit was ₹112.30 crore, against a net profit of ₹102.10 crore in Q2 FY26.
What was Indegene's EPS in Q2 FY27?
Basic earnings per share were ₹4.67, against ₹4.26 in Q2 FY26.
How did Indegene shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.3% from the previous close; the median Healthcare Research Analytics & Technology stock moved −3.7%.
When did Indegene announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Unaudited Financial Results For The 2Nd Quarter And Half Year Ended 30Th September, 2026 (BSE, 29 October 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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